Godrej Ind to invest Rs 230 cr in new plant

NEW DELHI: Diversified business firm Godrej Industries (GIL) today said that it will invest Rs 230 crore for setting up a new manufacturing facility in Maharashtra over the next three years.

The plant will produce oleochemicals, which are chemicals derived from plant and animal fats, mainly used for making detergents and other personal care products.

"GIL Board of Directors approves setting up of a new oleochemicals manufacturing facility at Ambernath. This facility, involving an outlay of about Rs 230 crore, is expected to be operational by FY'2013," the company said in a statement.

It, however, did not elaborate on details such as production capacity of the plant.

The company, which posted a 23-fold jump in its net profit to Rs 13.4 crore in the June quarter, has cited its oleochemicals business as one of the reasons for its good growth during the period.

"Our oleochemicals business delivered positive growth on the back of continued efforts to improve efficiency and reduce costs. The business plans to set up a new state-of-the-art manufacturing facility for oleochemicals at Ambernath (Maharashtra)," Godrej Industries Chairman Adi Godrej said.

The company currently has three oleochemicals plants across the country.

Godrej Industries, a part of the Godrej Group, is involved in the oleo-chemical, surfactant, edible oil, fat, processed food, finance and investment businesses, among others.